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Good afternoon friends, and welcome to a fresh week. Our news cycle is going strong, with more to keep an eye on from the regional conflict and COP28.
THE BIG STORY TODAY
Scatec signs on to USD 1.1 bn green methanol supply agreement:Norwegian renewables developer Scatec could supply ships with green methanol under a USD 1.1 bn MoU signed with the Suez Canal Economic Zone, according to a statement. The agreement includes producing 100k tons of green methanol per year by 2027, the statement says. Under the agreement, Scatec will develop 190 MW of electrolyzer capacity to produce the green methanol by relying on 317 MW of wind energy and 140 MW of solar energy.
Scatec likes to get things done at COP: Scatec and the SCZone signed the agreement on the sidelines of COP28, which is currently underway in Dubai’s Expo City. At last year’s COP27, Scatec, the OCI / Adnoc joint venture Fertiglobe, Orascom Construction, and the Sovereign Fund of Egypt (SFE) began commissioning the first phase of their 100 MW green hydrogen plant in Ain Sokhna.
THE BIG STORY ABROAD
This afternoon brings us another mixed bag of headlines in the international press. Since the truce with Hamas ended on Friday, Israel has shifted its focus to aerial attacks on the South of Gaza, where the majority of the population has gathered, particularly concentrated on Khan Younis (previously a “safer zone”) and Rafah. It’s expected that a ground invasion might follow. Those in the West Bank, where Hamas has no authority, have also been fleeing their homes in the midst of attacks by the IDF and Israeli settlers. (Wall Street Journal | Washington Post | Reuters)
ON THE BUSINESS SIDE, COP28 IS LEADING THE CONVERSATION- IMF Managing Director Kristalina Georgieva emphasized the need for carbon pricing at COP28, says CNBC. WHO Director General Tedros Adhanom Ghebreyesus brought attention to climate change’s “immediate and present” threats to health, reports the Associated Press, and called for COP to host its first ever “Health Day.”
HAPPENING TODAY-
PSA- It’s the last day for Egyptian expats to head to the polls to cast their presidential ballots — which opened on Friday — and choose between incumbent President Abdel Fattah El Sisi, Al Wafd Party’s Abdel Sanad Yamama, the Egyptian Social Democratic Party’s Farid Zahran, and the Republican People Party’s Hazem Omar.
** And it’s exactly one week before the polls open here at home on 10-12 December with the first-round results due on 18 December and a runoff, if necessary, to take place in early January.
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** CATCH UP QUICKon the top stories from today’s EnterpriseAM:
- Giza Zoo operator advised by Beltone Investment Banking gets financing for Giza Zoo revamp: Our friends at Beltone Investment Banking advised the military-affiliated Hadayieq on an EGP 832 mn long-term financing agreement from the Chinese Development Bank and the National Bank of Egypt to renovate the Giza Zoo and adjacent Orman botanical gardens, according to a statement (pdf).
- Our 2024 debt burden just got higher: New central bank projections out on Thursday see us spending at least USD 42.3 bn on foreign debt repayments in 2024.
- Egypt’s net foreign liabilities hit a record high in October as pressure on the country’s external position continued to mount. Our net foreign asset deficit widened to USD 27.2 bn from USD 26.8 bn in September.
*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: A closer look at the government’s steps to breathe new life into Egypt’s marble and granite industry as it focuses on making it a key contributor to our exports.
? CIRCLE YOUR CALENDAR-
A new round of GERD talks to take place this month: The fourth round of talks between Egypt, Ethiopia, and Sudan over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) is set to take place between 16-18 December in Addis Ababa, Irrigation Minister Hani Suweilam told local media on Friday (watch, runtime 5:57). This is the fourth round of talks since President Abdel Fattah El Sisi and Ethiopian Prime Minister Abiy Ahmed agreed to re-enter negotiations in July and reach an agreement within four months.
⛅ TOMORROW’S WEATHER- Expect the mercury to rise to 27°C during the day tomorrow and drop to a cooler 16°C in the evening, according to our favorite weather app.
